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tv   Book TV  CSPAN  January 16, 2011 1:00am-2:00am EST

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saudia arabia has a significant shia minority, kuwait. we see the strike becoming worse than ever, but as a result of this, aggressive sunni antishia is the are developing more of an aggressive shia identity. so i think future conflicts in the region will be a result of the sunni-shia tension and because an iraqi hagerstrom, aggressive and confident shia state. maliki doesn't like anybody and nobody likes him. in a sense it is going to push him ironically close to the americans as his only friend but the saudis pete maliki and maliki and the ruling in iraq being so primitive and backwards they call him camel riders. but you can imagine as the iraqi military becomes stronger and stronger a future clash is happening between the iraqi
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shias army and the developed arabs. .. >> i've spoken to a few people who work in the green zone and the way they describe it sound like an american compound. they have their american bars and they have their own parties and don't fill out in the city. the kind of security, the u.s. embassy, so i guess my question is what exactly comprises the
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green zone and what is going on there? if there is no occupation what is -- can you clarify? >> the green zone has changed over the years. initially, when the americans came and they took over at neighborhood which used to be where the iraqi government was based. didn't have any walls around it but as the security situation deteriorated they built higher and higher wealth and increase security until it became very difficult for anybody to come and that wasn't in the iraqi government or somehow working with the americans or the foreigners. but the americans have ceded authority to the iraqi is over a year ago and they really reduce their numbers. there was a point where you had american soldiers swimming pools that used to begin to baathist officers and that was a weird site. they used to be the prostitutes of the baathist regime as well. and you have all kinds of private security companies basing themselves there and often the companies worked on
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construction but these days that that is open reduce. the construction of iraq has given up on the projects and wasted billions of dollars and it is the iraqi state that controls the green zone. the iraqi's call at the green zone so the large community of americans living outside of the city is sort of over. you do of course have him as he which is a huge fortress in people in the embassy can't really walk around baghdad. so they rely on american military support and helicopters and private security to take them out whenever they have anything to do. the u.n. also unfortunately rely on american military to take them around so for the foreigners living in the green zone, iraq is the red zone and they are always impressed. you live in the red zone? the red zone is the rest of iraq. and to them it is a foreign
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place, place they can see sometimes when they go inside the green zone and they can look at the rest of iraq bug it is a scary place for them so it is really -- over the last eight years the way americans view iraq and the rest of that debt is a scary place where things are going to get you. i don't really think that is true. i think the kidnapping is much lower and iraqi nightlife right now is actually very active and bars are open and brothels and there is a curfew of at midnight but until then throughout the city the streets are packed with people shopping and, which is a good sign that people feel much more comfortable about their security and even the liquor shops -- american journalist and to celebrate articles whenever they see muslims are drinking liquor. they are civilized. but what it means is that iraqis are afraid of religious extremist militias blowing up the liquor shop so it is that
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you never have militia activity of the kind you had really from 2003 until 2008. if somebody had a liquor shop someone would throw a grenade at it. i don't think a liquor shop is a sign of progress but it is a sign people feel a little bit more secure. you don't have bars inside the green zone these days. you don't really have to because the iraqi's can get liquor. university campus -- likewise people are traumatized from what happened in 2003. but they don't know what is going on in the city. they are afraid to allow. i think they feel guilty for the sanctions and they worry that the iraqi's blame them for that. anyway, the whole phenomenon has come to an end because occupation in the fast infrastructure with contractors and private security contractors
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in war profiteers has all gone down and now you can stay in a normal hotel in baghdad if you are a turkish businessman or chinese businessmen. everybody is there. me what do you think will be the outcome of the u.s. -- if the u.s. attacks iran in the next year or two? >> i don't think the u.s. is going to attack iran. i think if it was mccain in the administration that they would attack iran. the republicans certainly want that kind of a war. the neocons less, but obama is trying to figure out a way how to get a deal in afghanistan thankfully. an attack on iran i think depending on how severe. at the regime felt threatened and if you started seeing the regime being killed and the regime felt like they had nothing to lose they would strike against saudi arabia. depending on where it came from. is that the israelis flying over saudi arabia to attack iran and
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over paris and elsewhere? the americans are also soft targets in iraq. we still have 40,000 americans there. obviously in afghanistan yet many americans that i ran could hit. they could disrupt oil in the region and halts shipping and they can activate shia groups in bahrain and kuwait. i think what you see though is a preemptive israeli strike on hezbollah and israel would take advantage of this to strike hezbollah. certainly, sunni regimes in the gulf and kuwait and bahrain and saudi arabia would actively crack down on their shia population more than they are to have and we have seen that in a raid already which would only increase shia anger and i think a tremendous increase in june aco -- shia violence. iraq would be uncomfortable with it because the iraqi regime might not be iranian but the
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sunnis have a good relationship with iran. so i think it would be a catastrophe. if the iranian military attack the iraqi military it would not stand down. millions of people in iran are hoping that the government is destroyed by the americans away think it did in much of iraq at one point. so you would see a regional conflict developing. i think it is very unlikely. the americans are so over tax, the is exhausted and we have the national debt which is limiting. let me -- a good example is iraq. the americans hope to have more basis. they call it enduring bases more permanent basis than what they are going to have. they were hoping to have one in diyala. they close that window because they couldn't afford to keep it
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there so i think they they're limited in part by the national economic crisis and a nation which has no appetite for this kind of a war. >> how is the conflict and violence in iraq and afghanistan affecting the conflict in israel and palestine or has that? >> that is a good question. i don't quite know. i think you certainly here in israeli rhetoric when they are criticized for torturing palestinians for the occupation, for bombing lebanese civilians, deliberately bombing. look at what the americans are doing in afghanistan. look at abu ghraib. how can you criticize us for torturing people? it is -- it was a real blessing.
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finally the americans are going to take the terrorist the way we have and understand us. we certainly sought increasingly aggressive israeli military. more specifically than that, it is hard for me to find evidence. certainly, the hezbollah victory over hezbollah in 2006 was an inspiration to many people in the region and an example, israel is not this huge and powerful beast that can't be humiliated or defeated and the rights guerrilla tactics and the right training, you can actually defeat them. so hezbollah was the first army and first air bombing to achieve close to a 1-1 ratio of casualties at least armed casualties. hezbollah fighters and -- fighter so you saw palestinians
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demonstrating carrying banners and signs so they were inspired by hezbollah. but, i haven't been to palestine for a year and a half. i feel like it has been the other way round. one of the motivating factors for it was the defense of israel. if we defeat this regime then somehow we will be able to put in tel aviv and tel aviv will be our puppet and will be pro-israel and you'll have pipelines goings from iraq into haifa so i think this is one of the main reasons why the u.s. went to war with iraq. everyone has their own reasons and 9/11 provided a pretext but the defense of israel securing israel's position in the region is one of america's main motives for what it does in the middle east unfortunately, so certainly
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that was a factor in the war on iraq that it is hard for me to think of how iraq has affected the conflict with israel. do you have any ideas? i feel like there must be something. i think it is separate. i've seen the american occupation and how incompetent when it was. they actually did have an -- visiting in 2004 to see how the israelis occupy and how they control a populated area. even at the west bank it is just awesome in an evil since when you see the level of population control and just defeated and crushed the spirit of the palestinians in the west bank. every town surrounded by walls that are much bigger than the walls i saw in iraq.
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just impenetrable. if you lift your head in defiance it is going to get crushed and not just by the israelis but crushed by the palestinian authority. the movement collaborates with the occupier allegedly trying to liberate itself. we have seen signs of some al qaeda inspired groups attempting to develop in gaza so referring to zarqawi that hamas has crushed them because that is the last thing they want in their area so one of the reasons why they might not see too much spillover from iraq to afghanistan at least in the short term and or gently israel has won and it proved that in gaza. the palestinians try to resist. they are going to get crushed brutally. everything is going to be destroyed and the people in the west bank are watching this. i think at least in the short-term they learned that lesson. if you resist it will be destroyed but it is an untenable situation the long-term.
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what we do see though i guess is a continuation of a trend that goes back a few decades now. there is no more leftist resistance. the discourse is the only language of resistance so the americans or the israelis so somebody as a secular leftists myself i think it is a shame and against the usa pretext, israel a pretext that we are fighting al qaeda one really does the national liberationists movement. because israel has west bank under such tight control in gaza too, it has been very hard for outside palestine to have much influence. >> thank you very much. [applause] thank you all for coming.
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>> sets it was also the author of the inability of the green bird. to find out more visit his web site, near >> author and former cia analyst and head of the cia bin laden unit michael sawyer has a new book coming out in february of 2011. it is a biography on osama bin laden and michael sawyer joins us to preview his book. mr. sawyer, one of the things you write in your book is something i would like you to expand on. bin laden is not the caricature that we made of him. indeed if i only had 10 qualities to enumerate in drafting a thumbnail biographical sketch of him they would be pious, brave, generous,
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intelligent, charismatic, patients, visionary, stubborn, egalitarian and most of all, realistic. just go he is very much an enemy who we need to respect because of his capabilities. much like the allies felt about rum off during world war ii. they knew they needed to kill them but they needed to be respectful of his ability to fight them and i'm afraid what we have gotten from some authors and most politicians is a caricature of bin laden as either a criminal or a thug or somehow an eagle astoria madman. i don't think that is true and i think it retards our ability to understand the enemy we face. >> host: what is the danger that caricature in your view? >> guest: the dangerously underestimate capabilities of the man.
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bin laden brunson organization that is absolutely unique in the muslim world for example because it is multiethnic, multi-linguistic and there was no other organization like it. is more like a multinational organization than it is certainly a terrorist group. we also, the danger -- another danger we face is simply that we underestimate the patients, the piety and most especially the motivation of bin laden. he is truly within the parameters of islam. he is not somehow a renegade for someone who is outside of islam or making, or hijacking the religion. he is a pious, what is called a solipsist sunni muslim and his appeals compromised back that he is believably defending the faith against what is deemed by
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many muslims as an attack from the west. >> host: knowing that, or presuming that he is within the muslim faith and tradition, what should the u.s. strategy be? >> guest: well i don't know exact to what our strategy should be but i think before you can have a strategy you need to have the american people on board in terms of understanding what the enemy is about. we have spent now 15 years as of this coming august when bin laden declared war on us 15 years ago in august of 2011. we have spent all of those years telling the american people that we are being attacked because we have liberty and freedom and women in the workplace and because we have elections or one or more of us may have a beer after work. and that really has nothing to do with the enemy's motivation. if we were fighting an enemy who
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simply hated us for how we lived our lifestyle and how we thought even lie to a lethal nuisance because they wouldn't be enough manpower to make it more than that. we are really fighting an enemy who is up close to what we do, with the u.s. government does and until we have really understand that, i don't think it is possible to form a strategy. >> host: you have a subject or your book called luring america and the talk about how osama bin laden wanted to lower the u.s. to fighting fighting in afghanistan. >> guest: we worked very hard for 1996 when he declared war on us until 2001 and i think we frustrated him on several occasions. he wanted us on the ground in afghanistan so they could apply, day the mujahedin, the al qaeda people, the taliban people, they
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could apply the same military force against us that they applied against the red army in the 1980s. believing that we were a much weaker opponent than the soviets and that is a fairly limited number of deaths would persuade us to leave eventually. so the attacks on us in saudi arabia in 1996 and 1995 in east africa in 1998, on the uss cole in 1999 were all designed but failed to get us into afghanistan but 9/11 did the trick for them. >> host: in your upcoming book, osama bin laden mr. sawyer you talk about some of the other books that have come out on osama bin laden and his family. what do you think of those, steve colin lawrence wright ephedra? >> guest: i think many of those books are very worthwhile and what i try to do is to take a different tack than those books so i wouldn't be repeating what has been written already.
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steve kohl's look is an excellent book i think. there are a number of very good hoax on bin laden. jason burke wrote one, a british journalist, and the problem i had with those books where they were primarily books that were based on what other people had said about osama bin laden. not what he had said or done himself. and i have found over the past decade that whenever bin laden speaks, he is very often described as ranting or raving gore issuing yet another diatribe. so i thought that i would take the primary sources based on interviews, statements and speeches he made and write a book based on what he said and see how it turned out, and i think very frankly that when you take the primary sources, which number in my archive and i
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certainly don't have everyone that is available, i have over 800 pages. when you that information, the man that emerges is not like the bin laden that emerges in lawrence wright -- wright's book or steve kohl's look as at someone who is mentally disturbed or hateful of our lifestyle, but rather a man who is very clear about what he believes in what he intends to do and most especially match his words with deeds, which is very unusual for any politician in this day and age. >> host: because of your background with the cia does this need to be clear to the cia? >> guest: oh yes, sir. everything i read where there's a zip or corn article or even if i was a poetry writer which i'm not, for the rest of my life it has to be cleared by the cia and
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this book was in fact reviewed twice, once before a senate to the publisher and then once after it was reviewed and we had made changes that the publisher wanted or the editor wanted. so the agency, i am very careful to try to respect my obligation to have that reviewed review before it's published. >> host: was anything taken out? >> guest: no, nothing was taken out. in fact i have worked with the agency now for six years since i retired, probably have published two books books and probably 200 articles and i really only had four or five things taken out by the agency over that amount of time. i have to say that at least on four of the five occasions they were correct and i was wrong. they are simply looking to protect the classified information and sources and methods and they have been very good to work with. i found them very very accommodating and very helpful.
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>> host: three different presidents have chased osama bin laden. are you surprised we haven't found him? >> guest: well, i think we have found him certainly between 1998 and 2001. mr. clinton had her teen opportunities to either capture him or kill him and certainly mr. bush's generals had a chance to capture or kill him that tora bora in december of 2001. i think now, specially in the last five years it is not surprising that we haven't gotten him. first, like any other thing in life, if you have an opportunity to do something and you don't do it, sometimes the opportunity doesn't come around again. but second, we have so massively undermanned our operations in afghanistan bed there simply is not enough american soldiers and
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intelligence officers to go around. they have so many tasks in so few people to do them but i don't think it is a surprise that we haven't gotten them at this point. >> host: that said, what would you like to see the u.s. do in afghanistan? beef up or pull out? >> guest: i think we have been there too long. i don't think we have enough soldiers in the u.s. military if we committed every ground troops available to rectify the situation and america as a society no longer knows how to fight a war, no longer has the stomach for it. we have lost you no less than 2000 people in afghanistan from a population of 310 million and we are rapidly wanting to leave. my own view is that we should have fought and won their, but i am a hawk only if we intend to win and i'm afraid mr. bush and
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mr. obama have never been able to define a winning strategy, and so my own view is that it is not worth another, another american marine or an another american soldier's life to stay there. the one thing i would add though is when we leave, it will be a tremendous defeat for the united states. united states. however we dress it up, if we say they have their chance and they couldn't do it, if we say that we have somehow satisfied what we went there to do, we may fool the american people that we will not fool the muslim world. when we leave afghanistan without accomplishing what we said we were going to, it will be viewed as the mujahedin defeating the second superpower and that can only mean rather that the muslim world will be more galvanized against us and more young men will flow to the
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battlefields, wherever they are and certainly more will take up arms inside the united states. >> host: michael scheuer's book osama bin laden will be in bookstores of february 2011. >> david lynch when did the luck of the irish run run out? >> ran out about two years ago in the midst of the global financial crisis which really expose some failings of an irish economic and social model that has brought great change to our land over a quarter of a century. my story starts in 1984 when ireland was poor, stagnant, troubled in the country over the next 10 or 15 years rose to be the richest in europe. it has a cultural vibrancy that it has never had before and was a peach for the first time in generations and as any fatalistic irishman would expecf the rails in the country ended up in the housing and credit
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bubble that was even larger than the one we have had here in the united states and now faces difficult choices. companies like intel, microsoft gateway port into the country. they negotiated agreements and tripartite agreement to train the government labor and business community to make investments predictable, devalue the currency and 86 and again in 92 and it all ended up with the growth miracle that was dubbed the celtic tiger. after years of really no growth at all, ireland was a real back water come almost a third world country in europe and the 1980s. in the mid-90s the economy tipped over and started growing
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at eight, nine, 10% a year year after year to the point that where by the year 2000 or the first time in modern history the irish on a per capita basis are richer than their former colonial masters in britain. >> so where does your book and? >> my bookends for five months ago. it comes full circle from the battle days to the best times ireland has ever had into this disaster, this crisis of the past few years and it brings the story right up to date, and primarily with the nationalization of this broke bank anglo irish bank responsible for much of the bills the taxpayers are not getting stuck with and it ends though on a fairly hopeful note that the irish having demonstrated a fair bit of resiliency over the centuries will find a way out of this terrible spot they are in. >> when. >> when the luck of the irish ran out, the world's most
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resilient country and its struggle to rise again author david lynch. >> booktv is on twitter. follow us for regular updates on our programming and news on nonfiction books and authors. tv. >> up next, june breton fisher granddaughter of henry goldman co-founder of goldman sachs talks about mr. goldman's life, the creation of the investment firm and the founding of wall street. ms. fisher spoke at the beverly hills hotel in california. this is just under a half hour. >> thank you very much, vinyl and thank you all for joining me today. my name is june breton fisher, as she just told you that i once was june goldman and i am the granddaughter of henry goldman.
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if you were expecting to hear aco, tell-all about how goldman sachs makes all that money and until recently appeared to keep its hands clean, i'm i am afraid you will be disappointed. my book, "when money was in fashion," which i have somewhere here, was recently published by palgrave ellen. it is a biography and memoir of my grandfather who was the son of the founder marcus, a poor farmer from a tiny village in bavaria and came to the states in the great immigration wave of 1848. henry goldman revolutionized the financial world by developing a modern method of financing for commerce and industry which today is known as the ipo. and in a day when there were no
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pcs, no internet, no e-mail or even adding machines, when business was developed solely by talent, imagination and brains, he became america's first investment banker and yet he guarded his private life so jealously that he remained an enigma to the thousands of people whose lives he influenced and enriched and many of the hedge fund managers and traders who work at the firm today cannot even place his name. he was responsible for the initial underwriting of more than 50 of our country's most successful publicly owned corporations including sears roebuck, the underwood typewriter company, studebaker, it f. w. woolworth -- and the brown shoe company and all of
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their -- served on the boards of directors without accepting recompense. he was also a collector of major renaissance art. the patron of outstanding classical musicians including a sponsor and friend of groundbreaking physicist among them albert einstein, auto stern and max born an adviser to the banking world in both the u.s. and germany before and after world war i and a philanthropist who rescued many jewish and intellectuals from nazi germany in the 1930s. remarkably many of the achievements for which he was notable occurred while he was losing his sight. henry was 28 when he was invited to join goldman sachs. 10 years had passed since his father marcus had -- after he dropped out of harvard due to
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his failing eyesight and hired his sister louise's husband sam sacks as his assistant. markets and sam's father joseph a. schoolmaster, had been friends since their school days in germany and this was the second marriage which had taken place between sons and daughters of the two families. henry had undoubtedly anticipated if anyone were to be offered the job it would be he. hurt and disappointed he decided to accept an offer to join a soft good firm as a salesman. as it turned out the experience provided him with an education far beyond what he might have attained at harvard. for the first time since he was a traveling salesman he was able to see the mom and pop stores, the small-town banks, the little machine shops that dotted the countryside and perhaps even been then to visualize a financial structure that could
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transfer -- transform them into the building blocks of the economy. a year and a half later marcus goldman had personally accrued over $100,000 in capital and was turning over $30 million a year. he was so overloaded with work and so pleased with sam's performance that he offered to let him buy a partnership were $25,000. from then on the business was known as goldman, sachs ann and for almost 50 years all the partners were members of the intermarried families. the major torsion of their assets was tied up in the firm providing working capital as well as savings. markers also decreed that no one was allowed to withdraw money from the firm without making a formal petition to the senior partners and all the partners needed to be an agreement before making investments on behalf of
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the firm. so it remained until goldman went public 100 years later and totally changed its face. when henry joined the firm he was named junior partner. sam by then had risen to the position of sole senior partner and adding insult to injury hired his brother, harry, and then his three sons as broke hers. soon afterward he made them junior partners. this infuriated henry hill is by now married and the father of three small children. he viewed the imbalance of power and money as thoroughly unjust, a belief to which he held fast until marcus died and he became coleader with his brother-in-law by that time he was 43. there were signs of trouble brewing from then on before he and sam were polar opposites in
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every way and couldn't reach agreement on anything except the preservation of the firm's good name. rather than having civilized conversations and an attempt to reconcile their differences, there were constant heating art -- heated arguments and shouting matches all day long. it is surprising that the firm survived let alone that it thrived but thrive it did with sam frequently traveling to london seeking to expand goldman's trade and currency exchange and henry becoming an extremely successful speculator and railroad bonds. so successful that he wanted goldman sachs to underwrite new railroad issues. he never foresaw the firm which held a virtual lock on the road road would resent his intrusion into the territory and offer to buy out his investments instead. his brother julius, goldman
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sachs attorney, recommended henry investigate other avenues for their new business and avoid rocking the boat. the firm in fact all of wall street, i was julius a vote of thanks for the turndown resulted in henry identifying a ground opportunity in the small manufacturers and retailers who were turning to wall street for capital to expand. he persuaded his good friend phillip lim and his family were the countries leading cotton broke her to join in underwriting issues in these firms and turning them into the first publicly owned companies in america. goldman sachs would come up with the clients and lehman would divert some of his family's fortune from the commodities market to provide the money. the potential was announced and the two would share the profits 50-50. they sealed the deal with a
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handshake. once the agreement was finalized, they still needed to figure out how to price the new securities. henry thought they should be valued by their earning power, the rate at which they turned over inventory and generate cash rather than their physical assets like steel and railway shares. this was an entirely new concept of finance and commerce and probably the only way that started companies long on goodwill but short on material holdings could be marketed to an uninitiated public. henry called it the price earnings ratio and determined by dividing the company's closing market price by its per-share earnings. only now due to the ascendance of rapidfire computer-driven trading has the relevance of the pe ratio which priced at track record of publicly traded companies for a century been challenged as leverage long and
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short-term debt, preferred stock and free cash flow are factored into their forecasts for the future. in 1904 when the largest independent tobacco company in the country came to goldman sachs for a bridge loan of $20 million to build more factories and enlarge their salesforce, henry decided to make them the guinea pigs for testing his new theory. in less than an hour he sketched out on a light yellow pad the basic elements of issuing common and preferred stock. marketing this ears took a little more time. a great deal of the preferred was sold in europe through sam's banking contracts abroad and
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subsequently resold to american subscribers. goldman and lehman retained 5% of the common as the commission. the next project was sears roebuck. sears and his partner julius rosenwald who were turning over 50 million a year with a catalog business were in the midst of constructing the largest business building in the world covering a million square feet of floor space on chicago's west side. it had originally been funded at goldman sachs commercial paper and now they came back to goldman for a 5 million-dollar loan. but henry had different ideas. he recommended selling sears on the open market, making it the first publicly owned retail operation in existence. again doubling the firm's investment netting a 10 million-dollar profit and turning goldman sachs in sears into household names.
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during the next 11 years goldman and lehman underwrote a number of great companies but the one which excited henry the most witchy they would be a landmark in the firm's drive to the top with studebaker which became the first automobile manufacture owned by the public. even his contentious partner was impressed by that one. as the firm's fortune ascended and all the things the old-line bankers had pooh-poohed became the hot issues everyone wanted to get in on, the personal animosities between the two brothers in law continued to deteriorate and to spread amongst their families. they came to a head in 1914 when war broke out in europe. sam's was brought -- grow l.a. but henry who admired the german
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people sufficiency and culture felt otherwise and spoke vehemently against the british and the french who he felt were showing their muscle to maintain their commercial supremacy. goldman sachs refrained from participating in the anglo-french bonds drive, one of only two or three houses to do so. the other one being. headlines castigated the firm and it became a pariah in england. when the london press quoted henry's remarks and wanted goldman sachs was in danger of being black listed in the city, henry realized he was not just voicing his personal opinions by placing the firm's future in jeopardy and in 1917, he tendered his resignation and cleared out his desk, taking with him 15 of the corporatö
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with him 15 of the corporate clients for whose fortunes he had been responsible along with his coponderable share of the firm's funds. although professing relief, henry reiterated how unfair spyware by his probe german stance, the sax family never forgive him. henry and sam never spoke again nor did he or his sister louisa. this sachs's told everyone he withdrew from the world of finance and was living in disappointing retirement in germany which could have not been further from the truth. almost 100 years had passed when i tried to interview members of the sachs family for this book. some profess they didn'ts'en know they were related to the goldman's. others retreated to the nhdly adopted mantle of protestantism rejecting their roots in judaism along with their family tree.
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one great grand niece liwas lg n sutton place stood such ill will against henry thatabe kenh a scrapbookfirmll of newspkener clippings chronicling tidbits of his daily life frher the over-the-top wages he paid to domestics to the amount he paid for the god he gauld albert einstein on his 50th bibeen day. she also referred to a sighting of henry marching in a pro-german parad bit the beginning of world war i which he was unable to substadoiate he began to indulge a long-held passion for some months that was argupondly the the finest small collections of renaissance and early flemish art and the country. unlike the collectors of today he had no interest in buying the
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month and then selling them at a huge profit. once he made a purchase it was his for keeps and it was displayed in his fifth id kenartment to be enjoyed and mired by his friends and family, period. he felt an emotional and ints flpondl soml tied to each e pieces and was so thrilled that his first math r acquisition, rembrandt portrait of the apostle bartholomew, that he couley 't sleep for nights onhid domng his puat ah hus were works by franz house vandyke, donatello's, madonna and child and my grandmothers favorite. a particularly treasured a small brohis fide inc. will bye-bye te 16th century sculpture which he kept on his desk to his dying 5. my book also tells a story of the convoluted relationship between goldman, his dear frien1
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inflation in germany reached rampant and the market no value at all. henry campaigned vigorously amongst wealthy wall street tankers urging them to invest in german industries, mortgages and construction. it separates were so successful that president von hindenburg gave him on a richard and
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citizenship but they also backfired with small businesses which were virtually wiped off the map. their middle-class owners became amongst hitler's most vocal supporters in the years to come. in 1924, henry made the appointments of albert einstein at an elite banquet of bankers held in berlin. goldman einstein hit it off famously and began a lifelong friendship. henry was fascinated by the professor's description of experiments in quantum mechanics being conducted by max born. the future nobel prize winner and some of his students who included robert oppenheimer at the university of nottingham. the subject was very controversial at the time and einstein was unconvinced of its validity. nevertheless goldman gave born over a thousand dollars to continue his research which
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resulted in the development of atomic fission 25 years later. in 1931 when einstein concluded he could no longer live in the hostile atmosphere of nazi germany henry introduced him to accept a post at the formative institute for learning in princeton, but after a here feeling the controlling president of the institute who was enforcing intolerable demands on his personal freedom, the professor threatened to leave. henry attempted to intercede and persuade him otherwise, but his efforts became pointless as naziism spread and hit her rose to the presidency of germany ruling out alternative options for einstein. henry was still convinced the nazis were just a passing phase until the night 40,000 ordinary citizens looted libraries and private homes and tossed
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armloads of hooks into a huge bonfire facing the berlin opera house. meanwhile, as the world turned totally dark for him, henry became more deeply involved and his wife babette's passion for music. they attended concerts three times a week in berlin and new york and were great fans of the opera. their social circle grew to include such luminaries of the concert world as toscanini, the great leader singer elena gerhardt in in the distinguished violinist fritz chrysler. went henry attended their first concert by the violin prodigy at carnegie hall, he was told that the youngster was playing on a borrowed instrument. he decided on the spot to make the best even better.
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henry presented the boy with a $60,000 stradivarius. it was just weeks after black friday when wall street suffered its great collapse, but henry's resources have not significantly affected. thanks to this conservative investments. and when friends commented on his magnanimity in such tough times he responded, i like to make money but they like even more to see the money used to make the world a better place. it wasn't until 1932 when he paid what would be his last visit to germany and realized how much things had changed there. brownshirts wearing swastikas on their sleeves are posted outside of jewish owned stores. jewish pharmacies have been forced to close and the civil liberties of and liberals had and totally eliminated. old friends associate -- stop
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associating with him despite the fact that he carried the white cane of a blind man he was pushed and shoved in the streets. the raw anti-semitism they didn't come to terms with his own feelings about judaism. he had to society skated himself one former allies religion of any sort since he was a little boy. now he began to question moral obligations that went hand-in-hand with the fortune he had received and achieved and the relevance of of the world of investment tanking it created. he wrote hundreds of letters to influential contacts at home and abroad, seeking exit visas and immigration papers for scientists, scholars, physicians, artists and authors and especially children attempting to flee the impending holocaust and encouraged other german jewish bankers who have the political clout to get rings
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done, to do the same. his wife babette is remembered as a phenomenal fund-raiser for the cause, collecting many thousands of dollars by personally appealing to the wives of wealthy wall streeters. henry died in his fifth avenue apartment in april of 1937, surrounded by the paintings and sculptures he loves so well, leaving his ears to destroy his private papers. he had no regrets and felt no sympathy for the fascists who lost over $10 million in the great depression because they had foolishly followed in the footsteps of others and fail to do their homework. he could only wonder and hope that goldman sachs, his father's creation and the firm he had transformed, would regain its height some day and reestablish the culture with which it had
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originally been identified. he certainly would never have recognized it as it exists todak holding company which was sued for fraud at the fcc and find a half million dollars for its complicity in the recent mortgage crash as well as paying $31 million to the u.k. financial services authority considering the company made a mistake and regulatory disclosures about london trader trader --. without a doubt my grandfather would have never endorsed to participate in financial instruments which he did not fully understand himself. escalator of a small closely held partnership consisting largely of family members he would have shaken his head in amazement at today's multitude of partners and their salaries and bonuses which -- the
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treasuries of many foreign countries however i think you would have would have found it quite amusing that people now refer to the firm as simply goldman's although no goldman has worked there since 1917 and it is unlike in the one ever will again. [applause] i will be very happy to receive questions from the floor if you have some. yes, sir. >> i have a question, two parts. the first, are you familiar with the book -- and if so can you just talk about how that relates to you and some areas of growing up? what was it like growing up the granddaughter of the goldman? >> it was a very privileged life that we were brought up is very ordinary kids and we didn't go around flashing our wealth. in fact my school days at the
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school in new york included a vanderbilt and a few people who were really rich and i never thought of our family is being rich. that was an interesting crowd, much of which name for their research were for his research on the oral history of walter sachs who was a son of samuel sachs and i also went to the archives at boston university in columbia and gleaned a lot of information from that. it is an interesting though quite different story than the one i have told. does that answer your question, sort of? [laughter] if i left something out you let me know. anybody else? speier there are no more questions, let me do a little
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something here and it now at something that happened. june has donated a book, her book, to rotary club our private library for rotary. and i have a little presentation one of the things that polio -- that rotary does is try to eliminate polio in the world and our polio plus program collects funds. we have been instrumental in eliminating polio from all the countries in the world except about four, four countries that we are still working on putting recognition of your speech today we are going to make a donation to the polio plus program and here is a little plaque to, right. >> very special. thank you very much. [applause] >> "when money was in fashion" was published by the palgrave macmillan. to find out more visit u.s..but
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>> "capitol hill cooks" is the name of the book, the other is linda bauer. booktv usually doesn't talk about cookbooks but why would we want to talk to you? >> this is cooking for a cause. 50% of all the proceeds and their the royalties in advance go to homes for our troops so it builds homes for the veteran to lose their limbs in the war free of charge to get them a wheelchair accessible home and who would want to know of the favorite recipes of george washington to president obama with notes about why they liked the recipes and this congress. >> what is president obama's recipe in your book? >> has a mac and cheese, a curry and shrimp linguine. >> how did you get access to those recipes? >> the beauty of it i husband was the longest serving social aid in history and i was an intern during watergate so i knew a lot of the folks and i have done free recipe books before and given them to charity.
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so this is to books and one for the same price so it is a great bargain and it is the best charity you could ever ask for. >> here is one recipe you have for clove cake. theodore roosevelt. >> that's right and it is a healthy k., let me tell you. it is heavy and it is great. great. it is delicious. >> what other recipes do you have inhibit people might be interested in? >> i think the best recipe in the whole book is mamie eisenhower's fudge. and she married i'd ask you told my husband she did know how to even boil water and action or she married him he was the ship. she ran across this million dollar fudge recipe and it is so good evening kids can make it. and my second favorite is probably ronald reagan's pumpkin pecan pie. it is just like pumpkin pie but it has the pecans and all the nuts are on top so it is typically political. >> you also have a recipe from harry reid. >> it is chicken breast and paprika cream sauce. it is very good and i have ron


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